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World Business Today

News/Business. Colleen McEdwards, Pauline Chiou. The day's global business news with a focus on international business and market trends. New.

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China 18, U.s. 13, London 11, Greece 8, Francis 7, Cnn 7, Harry Potter 6, Tokyo 5, Europe 5, Us 5, Milly Dowler 5, United States 4, S&p 4, Moody 's 3, Shanghai 3, Eu 3, America 3, Potter 3, Afghanistan 3, Mexico 3,
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  CNN    World Business Today    News/Business. Colleen McEdwards, Pauline Chiou. The day's  
   global business news with a focus on international business...  

    July 6, 2011
    1:00 - 2:00am PDT  

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>> thanks to all my guests tonight. a stunning close to a high-profile murder trial. we still don't know the truth about what happened to caylee anthony. and she most definitely has not had justice. that is the real tragedy of today's verdict. hello. i'm monita rajpal. fresh allegations that they hacked into the crime victims and bereaved relatives of the victims of london's 2005 terrorist attacks. members of parliament want to question how much the chief executive of the newspaper owner, news international news about hacking, which has been a scandal for years. much more in the story in a few moments on "world business
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today." a florida jury found casey anthony not guilty of killing her 2-year-old daughter. she was convicted on a misdemeanor count of lying to police. the body of her toddler casey anthony was found in woodlands in 2008. a series of computer simulations will show how each of japan's facilities is able to deal with natural disasters. a top administrator says the tests need to be done as soon as possible. two female mps came to blows during a debate in the afghan parliament on tuesday. the fight broke out following a discussion of rockets being fired into afghanistan from across the border in afghanistan. the pakistani government denied responsibility for recent deadly rocket attacks in afghanistan. those are the headlines. i'm monita rajpal in london.
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"world business today" starts right now. good morning from cnn london. i'm nina dos santos. more advertisers consider pulling the plug as britain's tabloids is hacked. and touching a raw nerve. we'll tell you why japan's meat eating carnival girls have a beef with the boys. first up, though, let's take a look at the markets. it's been a mixed day for asia's stock markets. banking stocks sunk in china. here in europe we had a down beat start to the day. european stock markets have been open for slightly more than an hour at the moment, and as you can see, most of them firmly stuck in the red at the moment. and let's have a look at the currencies because on the currencies front the euro is
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down by three-tenths of one u.s. dollar. a little under 81 as you can see at the moment. 80.80 is where we stand. in asia it was a mixed day on the stock markets. in tokyo the nikkie closed up 1.10%. not only did the index hit the highest level since the earthquake on march the 11th, but today's gains gave the nikkei the longest winning streak for two years. it was a different story for hang seng and the shanghai co composite index. they sold $3.6 million worth of holdings in chinese banks. this came just after a warn of a
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downgrade in the sector. elsewhere as you can see at the bottom of the chart, we did see the asx 200 in sidney inches up one-sixth of a percent. on wall street it was a slow start after a three-day holiday weekend with a little direction and a bit of caution ahead of the big monthly jobs report. there wasn't an awful lot of movement, as you can see, at the end of the session. the s&p and also the dow were each off by just a fraction, and the nasdaq meanwhile managing to choke up just a small gain. pretty modest, though. about one-third of a percent. this is how the future markets are trading. it seems that we're in for a flat start at the moment. a number of indices down if we look at the futures. but only by a bit. about .07%. britain's most popular newspaper is under hot water.
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they are facing allegations of phone hacking. today british lawmakers will debate calls for an urgent public inquiry into the affair. this all comes after new claims suggest that after the london underground and bus bombings of 2005, this paper may have tried to hack the victims' phones and the phones of their relatives as well. the new phone hacking claims that have caused so much anger across the united kingdom also centered around a 13-year-old who disappeared on her way home from school back in 2002. her decomposing body was discovered six months later. just last month her killer was sentenced to life in prison. the guardian newspaper alleges that during the search for milly dowler a private detective hacked into the schoolgirl's voice mail, misleading police and causing her parents to
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believe she was still alive. now police officers are said to be planning any interference by the paper in many more high profile cases over the past decade. it's often said there's no such thing as bad publicity, but up to 18 companies are believed to be considering withdrawing their advertising business from the news of the world. at least one has already taken its advertising revenue elsewhere. we're talking about ford. it announced it will not advertise in the paper for the foreseeable future. the mortgage lender halifax and electricity companies such as t-mobile and orange are considering withdrawing their advertising from the news of the world. together those five brands bring in an estimated $3.2 million for the rupert murdoch owned newspaper. pretty significant business on the line. all of this comes as murdoch's own news corporation aims to take over british sky
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broadcasting. discussions on that have been going on for months. there's also been widespread opposition to that planned takeover. and just yesterday reacting to fresh allegations, the former deputy prime minister lord prescott began calling for the takeover to be blocked. john prescott himself is one of many politicians to have his phone hacked alongside numerous celebrities, stars and aides to the british royal family. as dan rivers reports, even though phone hacking revelations are nothing new, it dates back further than many realized. >> the murder of the 13-year-old schoolgirl milly doward in 2002 appalled britain. last month her killer, lev levi belfield was finally convicted. this is now come up with another inquiry, phone hacking.
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the scandal relates to the illegal tabloid practice of accessing cell phone messages left for celebrities in order to get stories. now it seems milly dowler's phone was also hacked after she had gone missing. journalists deleted messages from concerned friends and family to free space on the mailbox and mine more messages for stories. david cameron was quick to condemn the behavior. >> on the question of the really appalling allegations about the telephone of milly dowler. i mean, if they are true, this is a truly dreadful act. >> the lawyer representing duwler's family say they're starting legal action against the paper. >> the family is completely horrified. they thought this was all over. until now the hacking of prince william's phone in 2005 was the first known case resulting in a news of the world journalist and
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private detective being imprisoned. then other victims emerged. sienna miller was told her phone was hacked in 2006, just one of dozens of celebrities targeted. in january of 2011 the former news of the world editor andy coleson who already resigned over the scandal was forced to stand down again as communications for the prime minister amid more allegations. now news milly dowler's phone may have been hacked in 2002 suggests the news of the world was involved in this illegal practice much earlier than previously thought. it's putting huge pressure on rebecca brooks, who edited the paper in 2002 and now runs the parent company, news international. in a statement to colleagues she denies knowing about phone hacking saying she's sickened by the allegations, adding if true, the devastating effect on milly dowler's family is unforgivable. her former boss has already been
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questioned by a powerful committee of politicians telling them phone hacking was the work of a lone rogue reporter. >> i believe he was the only person, but that investigation under the new editor continues. >> but the committee chairman has never been convinced. >> we set up a time. the claims that were made to us that this was the ak tiftds of one reporter and nobody else had any involvement. we said then we didn't believe that. >> news international executives have been summoned to a meeting with detectives here at scotland yard. the fundamental question remains. who knew about phone hacking and how long has it been going on? dan rivers, cnn, london. >> well, the decision to withdraw advertising revenue and advertising business from companies like ford with the news of the world is one not being taken lightly. although the latest sales figures for the month of april show the sunday newspaper circulation was down 8% on last year. take a look at this. it still has almost 28% of the
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market. that means it puts up a total of no less than $2.61 million in terms of sales. you're watching world business today. european leaders meet to see how far they're willing to go to help greece. portugal's phones are being cut. and the u.s. debt ceiling is in need of a lift. we're talking debt when we come back.
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man on tv: ...rbis and 36 homers. swings at the first pitch and fouls it deep back into the stands. [ding] [fans whirring] announcer: chill raw and prepared foods promptly. one in 6 americans will get sick from food poisoning this year. check your steps at foodsafety.gov. the lawyer for the hotel maid alleged to have been sexually assaulted by dominique strauss-kahn have lashed out at the manhattan district attorney. thompson says the d.a. has refused to meet with him and won't allow him to listen to a tape that threatens to undermine the woman's case. now on that tape the alleged victim reportedly talks about strauss-kahn's wealth. meanwhile, a source close to the case tells cnn that the district
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attorney has already met with thompson several times. european bank has a meeting in paris today to decide how they're willing -- how far they're willing to go to help bail out greece. but standard and poors is warning in the meantime that a french bond rollover plan would trigger a selective default rating. so it's not clear how much of their greek bonds portfolio the banks would roll over and what the terms would be given these kinds of situations we've seen over the last couple of days. moody's downgrade of portugal's bonds to junk in terms of ratings and that greece may also need a second bailout itself. what you end up with, well, pretty grim meeting. john fefterios is joining us. we have a meeting in paris.
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and then in the midst of all of this, we've had s&p 500 coming out with these shocking revelatio revelations. >> it's certainly complicating the scenario here. there's a couple of key questions here. one is the size. we still don't know the size of the exposure of the banks in germany, france and greece at this junction. they may have been unloading the debt. the target was to get 30 billion your owes or $44 billion worked out as part of the agreement. and the second side of it is the terms that they're going to agree to. originally it was 50% tied up to a 30-year bond and some of the collateral being set aside. now they're looking up to 70% at 5.5% and a bonus to the barnks f the greek economy recovers. the money market is so low the greeks should get the benefit of the near term shorter interest rate. a lot to decide in the near
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term. >> the meantime, s&p is warning we could see selective default for greece. then we have the ecb's own president saying don't listen to them for the time being. that's quite important. >> well, this is a tug of war between the credit rating agencies, the ecb, and some of the leaders. she said something very bold yesterday. i'll quote her. don't surrender our ability to make judgments. signaling the ecb that look if the credit rating agencies say it's a default, it doesn't mean we need to accept it. what does that mean? it means the package of the rollover could go forward because the private banks don't want to sign onto something that puts them in default. they have to hold bad credit into their portfolio. it's a standoff between the leaders and what the ecb is going to be doing. he is going to be leaving. a number of question marks. also this question with portugal on the junk status. they put them to two levels below junk, into the junk status.
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it raises a huge question mark whether they can reduce the budget deficit from 9% of gdp down to 3% by 2013, and whether they, too, like greece, would need a second bailout. >> many portuguese say our finances are nothing like greece's finances. the kind of signal moody's is sending is not that. it's quite the opposite. what about the fact that the credit rating agencies are trying to get ahead of the curve and perhaps losing credence doing that as well. >> there's a big question mark. you can point back to 2008. they were behind the curve in regards to lehman brothers. these are numbers from the end of 2010. we saw the greek debt load at 142%. we know that will be 157% this year. italy passed the budget. it's still well above 100%. ireland and portugal will go above 100% of gdp. that's what the credit rating
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agencies are saying now. if you still have the debt load, i don't think you can refund greece and think that the problem is over. >> well, europe's debt continues. john defterios, thanks as always. and if congress and the white house can't agree to raise the country's own debt ceiling by august 2nd, as we've told you many times on "world business today" throughout the past couple of months, america could soon default on its own debts. the short time frame may encourage congress to pass relatively small increase that would cover only a few months, but the u.s. president, barack obama, has invited congressional leaders to meet at the white house on thursday to try to avoid precisely that s lly that >> i've heard report there is may be some in congress who want to do just enough to make sure america avoids defaulting on our debt in the short term, but then wants to kick the can down the
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road when it comes to solving the larger problem of our deficit. i don't share that view. i don't think the american people sent us here to avoid tough problems. it's what drives them nuts about washington, when both parties take the path of least resistance. >> democrats in congress want to increase tax revenues and also to make limited cuts to government services, but on the other hand republicans are demanding deep spending cuts and a balanced budget amendment before they'll vote to raise the debt ceiling, and they refuse to support any tax hikes. here's other top business stories for you this hour. look for an announcement later on today from facebook. mark zuckerberg, the head of the social networking site said it's going to be something, quote, awesome. there's speculation it may be a video chat feature powered by skype. twitter is looking to raise
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money from private investors, and in that effort the "wall street journal" is reporting the internet messaging service raised the evaluation to as high as $7 billion. that's almost double its reported evaluation back in december. and users of america's largest mobile phone network may see unwelcomed changes in their bills. beginning on thursday, verizon wireless is pulling the plug on unlimited data service plans. that follows a similar move by its rival at&t last year. verizon is shifting to a tiered system. it's likely to mean higher prices for heavy users. this is "world business today." china is facing censure over the export quotas. we'll find out why the eu and the u.s. and mexico have banded together to take on beijing.
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welcome back. this is "world business today" live on cnn. china is in hot water with the world business trade organizations. chinese quotas on several raw materials exports are illegal. that follows a complaint from the european union, the united states and also mexico. they've been alleging those limits gave chinese companies an unfair advantage when it came to sourcing those raw materials. our business analyst has more. what kind of raw materials are we talking about here? >> yeah, we're talking about
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nine raw materials that china exports, and they're used mainly by steel and chemical firms. they're also used to make thicks we use every day. boxite is important for things like soda cans. without silicon metal we wouldn't have much in the way of electronics. it's the base material for semiconductors and the micro chips we have in computers. also another raw material is yellow phosphorous. it's used in things from fire retardants to pesticides and detergents and china has reacted saying it believes the quotas of these raw materials are in line with sustainable development goals. the chinese mission has also come out with a statement. it said that china feels regret that the panel finds that china's relevant measures regarding export duties and
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export quotas are inconsistent under the wto covered agreements. as for the eu, the u.s. and mexico, you can bet they're happy with the ruling. but there's also an appeals process that china is likely to push forward with. our richard quest earlier spoes with eu trade commissioner about the next step for china. >> we'll discussion this with the chinese. i'm going to beijing next week. the decision is now officially out. we'll certainly discuss it with them. i hope he can convince him that they have to change their policy. if they continue like this, then we will not hesitate to take action. we will certainly consider retaliatory action, yes. >> the panel pretty much got rid of the environmental arguments and the domestic arguments and commissioner, what do you think the chinese were up to with this export restriction? what were they hoping to gain,
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do you believe? >> well, that's of course interpreting one's minds. but certainly they were part of an industrial policy behind this that companies, industries, be it from the united states or from europe should establish in china in transfer for property. and make jobs for the chinese people. u.s.ing jobs in the u.s. and the eu. that is not acceptable. we are arguing there should be a level playing field so companies are not obliged to move to china. >> and looking ahead, tuesday's wto ruling may just open the door to even more complaints, this time about china's quotas on exports of rare earth minerals. those are used in a wide range of high-tech products from hybrid cars to missiles.
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they've been tightening export controls over the past year. that's caused prices to skyrocket and the u.s. and eu have threatened to take the issue to the wto as well. nina? >> you know, ramy, china is on the hunt for me resources. we hear they're working out a deal for the coal reserves. of course, china uses huge amounts of coal. >> yeah, that's right. there's been a huge international fight for the reserve. the reason is it could very well be the world's largest reserve of coking coal. and that coking coal is used to make steel. so let me give you a breakdown of which countries won the long fought bid. in a big handshake to neighboring china with the industrial consumption needs as we talked about, mongolia award ad 40% share to a mining group. the next largest slice of the share after that is russia coming in at 36%.
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actually, this is a joint venture between russia and mongolia. and the remaining 24% goes to the united states. that goes to u.s. mining giant called peabody. they approved the deal last monday. it's headed to parliament next. the country is expected to get $1 million from all three bid winners combined. >> okay, we'll be right back.
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from cnn london. i'm nina dos santos.
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the nikkei rose to a four-month high post the earthquake of march 2011. but banking markets held back other regions such as hong kong. here in europe we have a down beat start to proceedings. we're 19 minutes into the trading session at the moment. it's a sea of red at the moment. we have the likes of the zurich down.7%. let's talk about asian markets in the meantime. mixed fortunes there. tokyo's nikkei. we saw banking stocks weighing on the market. also on the shanghai composite as well. this came after an investment company sold $3.6 million worth of holdings in two chinese banks. that after moody's warned of a
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downgrade for the sector. we did have elsewhere a bit further south the s&p asx 200 inching up one-sixth of a percent. the other two were down on the day. there wasn't much to write home about on wall street for tuesday either. u.s. stocks ended the session with little change. investors have one eye on friday's u.s. monthly jobs report and the other fixed on the debt crisis unfolding in europe. despite the low key session, though, still one company on the move, we're talking about shares of netflix. that jumped by 8%. all this came after the company unveiled plans to take the online video streaming service beyond the north america space to a global audience. as you can probably see from the chart we are showing you before, we did have the nasdaq up. the other two down. now from mail service to dvd rental to web based video on demand and online subscription service netflix we were just
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talking about started life in the united states. it went abroad to canada last year. now netflix plans to launch in 43 countries in latin america and the caribbean later this year. very much targeting the markets for growth. now tiger airway jets remained grounded in australia. some analysts say they may stay that way for time to come. tiger usually flies to a dozen australian cities from the hub. but they have grounded the fleet until at least saturday. it also ordered it to stop selling tickets, citing safety concerns. one analyst says that the grounding will cost tiger $2 million a week in a nonflying cost. still on the other hand tiger says it's optimistic it will be flying again soon. >> reporter: no planes in the air and no tickets on sale, but tiger continues to deny it's in
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trouble. >> we voluntarily decided to suspend all ticket sales in the best interest of our customers. that's to provide them with clarity. >> reporter: domestic flights are still scheduled for saturday, but potential passengers can't buy a seat. they criticized the airlines for not warning the tickets they buy may be worthless. >> we're bewildered they took so long to respond to ticket buyers throughout the country to say this is what you do to comply with the law. >> reporter: those customers have taken their business elsewhere for the time being. >> what happens to tiger i don't think will affect airfares enormously. >> discussions continue today with the decision on any extension to the ban expected tomorrow. even if the aud it is lifted on saturday, insiders tell us it could take weeks for tiger to return to the skies as they'll have to comply with tough new
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safety regulations imposed by authorities. the consumer watchdog giving tiger an additional warning. >> ticket sales should not be resumed. >> tiger airways are in a nose dive but shares for competitors are flying high. tiger is down by 12.5% over the course of the past week. virgin blue which flies under virgin australia is up by the same amount as that. and quantas is also soaring. the stock is up by 10%. and the boss following three business leaders across three continents. this time around we'll be meeting the high roll ner the casino business who says working 12-hour days seven days a week taught him humility. francis shows us how he plans to win.
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>> asia's sin city. the only place in china where gambling is legal. and where we find our new boss. francis leads the galaxy entertainment group, one of only six companies licensed to operate gambling companies. what is your guesstimate? how many people will turn out the first day? >> 60,000. >> francis was born to run galaxy. his family legacy is a multinational property business founded by his father and galaxy's parent company. >> the first job i have is with the family. this is the only job i have in my life. >> francis has worked in the family business for over 30 years. his first job as a site engineer
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required him to work 12 hours a day, seven days a week. >> i learn a lot of what people actually do in their daily life. i also learn how to be humble. i also learn how to communicate the junior staff of the company. they were all good things to me. a lot of the things thatty do right now actually is something that i learned, i picked up in the younger stage. >> that was then. now he's risen to the top of the family business. running g innin inning the fooi. now his biggest still awaits. a $2 billion resort with three hotels. 450 gaming tables. and more than 50 food outlets. it's taken more than five years
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to build and open in a little over a week. >> pretty cool, huh? >> again, it's not sparkling enough. >> this is francis' first into mass market gaming. he believes it's a safe bet. the gaming revenue is more than twice that of las vegas. >> well, we have 1.3 billion people across the border, and each of them is going to be potential customers. >> francis' strategy for the resort is two-fold. to build a uniquely asian experience by utilizing regional brands and service standards. >> we believe the customers are always asian customers. we believe 97% of our customers would be either from china or from the neighborhood region. >> but it goes beyond gaming.
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francis is looking to diversify the business. attracting customers with an artificial white sand beach, a tree spa, and plans for a cinema and nightclub. >> this is not just about gaming, but it's a more integrated resort. it took us almost eight to ten years to figure it out. but what took us 40 years to transform. how is the training coming along? >> to succeed with the massive venture, francis knows he needs a strong team behind him. >> i look for integrity. i only work with people that i can trust, and they can trust me, too. >> and in all of this, he's all too aware of his own sho shortcomings. >> sometimes because i'm quote/unquote impatient person. sometimes i don't think i give sufficient time for our staff to finish their work. but that's my style. but in all i think i'm still a
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nice person. he's definitive, too, about his own role. as the galaxy project has shown, he's in it for the long haul. >> i like to say that i'm a visionary. i'm a visionary person where i will see the long-term future of the company. able to articulate what we need to do in order for us to achieve our goals. >> a vision that will be tested in the weeks and months to come. next week on the boss. >> even though i push hard, but i still think that i'm not pushing them over the cliff, so to speak. >> with one week to go before the big opening, francis lui tells us why his staff must be ready for everything, and over in london, sarah taps a new marketing director to help grow her company. with your mortgage,
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worried about foreclosure. we can help you keep your house. all we ask for in return is that you submit to our plans for galactic domination. [laughing] [laughing hesitantly] [laughing evilly] sign. announcer: if you're facing foreclosure, talk to the right people. speak with hud-approved housing counselors free of charge at...
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yo probably wouldn't want to eat raw chicken at home. now what this new trend may say about society. >> reporter: the proper slice. hand molded rice with a picture perfect sushi. except this isn't raw fish. it's raw meat. pork and chicken says this chef. all raw and uncooked. gobbled down by eager customers packing the restaurant. no fish allowed. and in an odd way the battle between meat and fish parallels the japanese battle of the sexes. she goes raw three times a week
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here. >> i'm a carnivore girl, she says proudly. a buzz word labeling japan's young aggressive women. carnivore girls call the shots in love. they're independent and opinionated. raw meat eaters. a direct contrast to japan's so called herbivore boys. translated in japanese, sex means relationship in flesh. so herbivore boys are less interested in sex. born out of two decades of japan's stagnation, traditional masculinity don't drive herbivores. for a country aging at the world's fastest rates, herbivore boys embody the nation's societal fears. what is a carnivore girl? >> translato carnivore girls are the reaction to herbivore boys. it's the upheaval of the genders, say this is girl. this restaurant manager sensing a marketing opportunity hit twitter, talking up his new raw meat sushi bar.
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you made this place trendy. you can say that, he says. we're riding off the buzz of the carnivore girls. half of his customers are women. the restaurant expanded to four locations and is now looking into franchising. trends or not, since we're talking about the handling, the ingesting and the serving of raw meat, it begs the question, is this all safe? japan has the highest food safety standards in the world, and this restaurant says in eight months it's been open it's not had a single reported case of food poisoning. but there have been scandals. four people died at a different restaurant chain after eating spoiled raw beef, prompting this sushi restaurant to take raw beef off the menu. it's sticking to horse meat and chicken now. this american is still not concerned. >> there's a lot of odd things about japan. raw meat is one of many. you localize your yourself.
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go native a little bit. >> why not? fellas, have you seen how many girls are in this joint? kyung lah, cnn, tokyo. >> and let's take with asia a little more longer to take a look at the weather conditions there. jennifer delgado joins us as the cnn weather center. hi, jen. >> the weather in asia hasn't been so nice in some locations. let's go over video to show you what's happening. another day of mud slides and landslides. this video you're looking at. reportedly 18 people died. this is out of the northern province. you can see the ground collapses after days of torrential rainfall. this is a pattern we've been seeing over the last several weeks. the same time we also saw heavy rain down towards the south. as i take you to the satellite imagery, you can see the bulk of the rainfall through central parts of china as well as areas like shanghai and as well as areas including japan.
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this is where we'll see the heaviest precipitation over the next two days. but it looks like the north is going to get a break from the heaviest rainfall and also down towards the south. in addition to the heavy rain, we're also talking about warm temperatures. temperature right now is 33 degrees in hong kong. very hot and humid there. we have power outages and rolling blackouts through parts of japan. we're talking about tokyo yesterday. the temperatures are back to normal. right now we're at 27 degrees in tokyo. now we go over towards the u.s. we want to talk about this huge dust storm out of phoenix. let's go to the video. this is amazing stuff. it looks like a big storm coming through. you're looking at a dust storm with winds up to 111 kilometers per hour. phoenix had to delay flights out of the state's largest airport. we're talking about for an hour and 15 minutes. more than 10,000 customers were without power. it comes for the word mining
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wind in arabic. this comes when you deal with a strong monsoon that sets up in the southern part of the u.s. this is amazing video. you can see the dust rolling in. it looks like they'll have another chance for more dust into thursday. keep that in mind out there. right now as you see on the radar, things have quieted down. they had a watch in parts of phoenix and western parts of arizona.
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live from cnn london, this is "world business today." welcome back to the show. let's take another quick look at the the european stock market action at the moment. as you can see, all of these indices firmly fixed into the red. there's a reason for this. obviously moody's overnight has decided to relegate portugal's credit rating to junk status. that, of course, brings to the forefront of investors' minds many concerns surrounding the euro's own countries and the ones that have received bailouts. notable ireland and greece. we turn our attention towards a different market now. where harry potter fans spend their cash. it's big business. as erin mclaughlin shows us, one tour company is cashing in on potter mania.
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>> with a wave of her harry potter wand, this tour guide leaves a pack of moguls. >> this is platform 9, where we are now. >> reporter: the aim of the tour, to connect famous potter film clips to actual filming locations. tour companies across london are cashing in on the harry potter craze. tickets for a three-hour tour cost $40 for adults and $36 for children. but there are plenty of fans lining up to learn more about harry potter's past. the tourists are most popular among american and british tourists. so around the corner you can see the road curving around to the left. >> this family is visiting london from colorado. two full days out of their five-day following are devoted to footsteps of harry potter.
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>> how much are you spending on harry potter? >> i don't know. i guess $400. i guess you can say a percentage of the plane tickets. >> we all get the books when they come out. we can't wait for the other one ones. >> i've lost track. >> you wish it was just $400. >> reporter: fans say it's the lure of a magical place where good will undoubtedly prevail over evil. >> they want a glimpse of the wizarding world. they know this world so well. especially the children. they've grown up with it over the last ten years. they know it so well, and they want to live a part of it. >> take it off. >> a glimpse of a world that comes at a price. as no potter tour is complete without an extra stop to pick up your $65 harry potter wand. erin mclaughlin, cnn, london. >> that's it for this edition of
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"world business today." good-bye for now. we'll see you in four hours time for the second edition of wbt.
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